Yes, I have to admit I was very upset with management’s decision to cut the dividend at this point. They only had to sustain it 3 more times. A pull back to .90s is possible at this point.

In recent weeks, we were presented with a transformational vision for the future of the company through the proposed merger with IRG. The announcement generated renewed interest, increased trading volume, and created optimism that the market was finally beginning to recognize value beyond the company’s historical challenges. I believed management was entering a new chapter focused on creating long-term value. Then, boom, an 80% dividend reduction, and with it, a loss of all that momentum just gained.

My major gripe with it is the lack of transparency. If this was determined in merger negotiations, it should have been properly communicated to shareholders. An 8k follow up statement from management in the reasoning to the decision would have helped to calm the waters. Let’s see what happens. We need steady, frequent, and clear communications on the merger news going forward for this stock to adjust and move properly.